The Number Of South Florida Foreclosures Filed Has Hit The Biggest Increase In The Last Two Years
While there are many who see these statistics as a growth in opportunities for so many property buyers and investors, there are also those who feel that the rise in numbers is but a major issue for the local economy. Nevertheless, understanding where you stand in terms of these two sides of the coin makes no difference to the fact that there are now more South Florida foreclosures than there has ever been in the last two years.
So exactly how much has the number of foreclosure filing grown in the last couple of months? According to the data that was released by RealtyTrac, the number of South Florida foreclosures filed increased by as much as 52.7 percent in February of 2012.
The increase now stands as the biggest increase in any month over the last two years.
Compared to February of 2011, there were 82 percent more filings made in February of 2012 with its 4,120 South Florida foreclosures within Miami-Dade County. Many agree that these figures indicates a massive spill as it is also the third straight month where increasing numbers were observed as far as foreclosure activities within the region.
Looking at the Broward County area, a total of 3,563 properties had been filed in the same month while there were 1,650 properties found in the Palm Beach County area which accounts for an increase of 53 percent for Broward County and an increase of 8 percent for Palm Beach County compared to figures collected around the same time last year.
But not only has there been growing numbers on South Florida foreclosures because even real-estate owned properties which represents the total number of completed foreclosures has also gone up by 121 percent in the Miami region alone which marks the largest rise pertaining to any stage of the foreclosure process.
Many are concerned that the issue is not going to simply die down in the upcoming months but there is comfort knowing that the situation is not going to reach the same heights that they did during the end of 2009 where as many as 24,450 properties had been filed which means that people can count on the market doing relatively better on a long-term scale despite the reported number of South Florida foreclosures within the region today.
Joan Vonnegut
Florida Foreclosures
